UK Finance, the trade association that oversees the UK finance and banking industry, found that nearly £1.2 billion was lost to fraudsters in 2018 – although an additional £1.66 billion in fraud was prevented thanks to safety measures. While companies are doing what they can to keep their customers safe, we have to be vigilant too.
That’s why the banking association has launched fraud awareness campaigns, which offer tips to try and prevent people from losing their hard-earned cash to scammers. While there is a lot of advice out there and there are unfortunately a lot of different ways for people to get scammed, the most important thing you can do is to try and keep your bank account safe.
This means knowing what you can expect from your banking provider and when you need to be on your guard. So, to help you keep your finances safe, here are eight things your bank will NEVER do:
Now, there will be other ways by which fraudsters can scam you out of your money, but at least these tips should help keep your bank account safe. Remember to do your research whenever you’re looking to spend money and you might not only save yourself from becoming a victim of fraud, but also save some cash.
“If you’re concerned about trusting a small business with your custom – and you’ve made sure by checking reviews etc. that they’re a legitimate company – you could use a credit card for extra safety. As credit cards are protected under the Consumer Credit Act, you’d have means of recouping your funds if your purchase were to be damaged or undelivered and was over £100 in value.”
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.